Contact Information : Economic Forecast Section, Department of Statistics, Directorate General of Budget, Accounting & Statistics (DGBAS)
Tel : 886-2-2380-3487
November 29, 2013 Taiwan's seasonally adjusted real gross domestic product (GDP) increased by 1.07% at annualized rate in 2013Q3, and the unadjusted GDP grew by 1.66% compared to the same quarter of the previous year, according to the latest preliminary estimation by DGBAS. Meanwhile, the predicted GDP growth rate of 2013 and 2014 are revised downward to 1.74% and 2.59% respectively.
Preliminary Estimation of 2013Q3 GDP and Forecast for 2013
Weakened external demand curtailed the increment of real goods and services exports in 2013Q3. Coupling with domestic sector, the seasonally adjusted annualized rate (saar) of real GDP was 1.07% in 2013Q3, and the year-on-year (yoy) GDP growth rate was 1.66%. Meanwhile, the saar of 2013Q1 and Q2 were revised to -2.38% and 3.05%, and the yoy growth rates were revised to 1.44% and 2.69% as well.
Looking forward, recent outcome of Taiwan's export is still affected by the stronger global market competition, especially from mainland China, which slows the growth of external sector in 2013Q4. In whole, real GDP is forecasted to grow by 1.74% in 2013. CPI is predicted to rise by 0.94%.
Outlook for 2014
The momentum of world economy is anticipated to improve gradually in 2014, despite of various uncertainties. However, Taiwan's export growth is expected to be limited by the competitiveness pressure on the manufacturing sector from abroad. Added with domestic sector, real GDP will grow by 2.59% in 2014. CPI will increase by 1.21%.
Revision for the 2012 and 2011 National Accounts
DGBAS also released the annual revision of the 2012 and 2011 national accounts. The yearly GDP growth rates were revised to 1.48% (original 1.32%) for 2012 and 4.19% (4.07%) for 2011.
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